Latin America and the Caribbean: Tungsten Market 2024

Tungsten Market Size in Latin America and the Caribbean

The Latin American tungsten market rose rapidly to $X in 2022, with an increase of 8.9% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Tungsten Production in Latin America and the Caribbean

In value terms, tungsten production surged to $X in 2022 estimated in export price. Over the period under review, production, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2020 when the production volume increased by 94%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Tungsten Exports

Exports in Latin America and the Caribbean

For the third year in a row, LatAmerica and the Caribbean recorded growth in shipments abroad of tungsten, which increased by 101% to X tons in 2022. Over the period under review, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 504% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, tungsten exports skyrocketed to $X in 2022. Overall, exports recorded a prominent expansion. The pace of growth was the most pronounced in 2020 with an increase of 452% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Brazil represented the key exporting country with an export of about X tons, which recorded 85% of total exports. It was distantly followed by Chile (X tons), generating a 13% share of total exports. Argentina (X kg) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to tungsten exports from Brazil stood at +14.4%. At the same time, Chile (+26.5%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +26.5% from 2012-2022. By contrast, Argentina (-4.0%) illustrated a downward trend over the same period. Chile (+13 p.p.) and Brazil (+4.5 p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by -8.2% from 2012 to 2022, respectively.

In value terms, Brazil ($X) remains the largest tungsten supplier in Latin America and the Caribbean, comprising 95% of total exports. The second position in the ranking was held by Chile ($X), with a 3.4% share of total exports.

In Brazil, tungsten exports expanded at an average annual rate of +12.0% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Chile (+35.3% per year) and Argentina (-9.7% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, waning by -13.3% against the previous year. In general, the export price continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2017 an increase of 106% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+7.0%), while the other leaders experienced a decline in the export price figures.

Tungsten Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of tungsten were finally on the rise to reach X tons for the first time since 2015, thus ending a six-year declining trend. In general, imports, however, faced a abrupt decline. The most prominent rate of growth was recorded in 2014 with an increase of 45% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, tungsten imports surged to $X in 2022. Over the period under review, imports, however, saw a abrupt slump. The growth pace was the most rapid in 2021 with an increase of 20% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Brazil represented the main importing country with an import of about X tons, which recorded 55% of total imports. It was distantly followed by Mexico (X tons) and Colombia (X tons), together constituting a 38% share of total imports. Costa Rica (X kg) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Costa Rica (with a CAGR of +29.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Brazil ($X), Mexico ($X) and Colombia ($X) constituted the countries with the highest levels of imports in 2022, with a combined 94% share of total imports. These countries were followed by Costa Rica, which accounted for a further 1.7%.

Among the main importing countries, Costa Rica, with a CAGR of +17.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 19% against the previous year. Import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tungsten import price increased by +46.1% against 2020 indices. The most prominent rate of growth was recorded in 2013 an increase of 92% against the previous year. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+6.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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